TRINA(SH:688599) EBSCN·2024-04-29 07:02Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 113.39 billion yuan in 2023, a year-on-year increase of 33.32%, and a net profit of 5.53 billion yuan, up 50.31% year-on-year. A cash dividend of 6.33 yuan per 10 shares (including tax) is proposed [2]. - In Q1 2024, the company reported a revenue of 18.26 billion yuan, a decrease of 14.37% year-on-year, and a net profit of 516 million yuan, down 70.83% year-on-year [2]. - The company aims to ship 80-90 GW of components in 2024, with a total output target for various segments including 60 GW for silicon ingots and wafers, 105 GW for batteries, and 120 GW for components [2]. Summary by Sections Financial Performance - In 2023, the company achieved a component shipment of 65.21 GW, a growth of 51.35% year-on-year, with external sales increasing by 55.65% to 54.50 GW, leading to a revenue increase of 21.15% in the photovoltaic component segment to 76.45 billion yuan [2]. - The gross margin for photovoltaic components improved by 3.67 percentage points to 15.54% [2]. - The company’s revenue from the U.S. market grew significantly by 99.26% to 10.83 billion yuan, with a gross margin increase of 18.19 percentage points to 34.24% [2]. Business Development - The company’s distributed energy projects and sales exceeded expectations, with over 6.2 GW of wind and solar storage project indicators acquired in 2023, and a year-on-year increase of 78% in grid-connected installed capacity, ranking second in market share [2]. - The company is expanding its global market presence in the racking business, with shipments exceeding 9.6 GW [2]. Research and Development - The company increased its R&D investment by 19.69% to 5.53 billion yuan in 2023, focusing on a dual strategy of photovoltaic and energy storage [2]. - The company has achieved significant advancements in technology, including a world record output power of 740.6W for its self-developed 210+N type i-TOPCon photovoltaic components and a conversion efficiency of 26.21% for mass-produced HJT batteries [2]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 4.31 billion yuan, 5.95 billion yuan, and 7.35 billion yuan respectively, reflecting a downward adjustment of 57% and 51% for 2024 and 2025 [2]. - The current stock price corresponds to a PE ratio of 10 for 2024 [2]. Market Position - The company is focusing on large-sized photovoltaic components and continues to develop new battery technologies, while expanding multiple business categories, which are expected to contribute to new performance growth points amid pressure on profitability in the photovoltaic business [2].